REAL ESTATE DICTIONARY

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panelA section or division of a wall, ceiling, or flat piece of building material that forms part of the surface of a wall, door, or cabinet.

panelElectrical distribution box with circuit breakers, fuses, and terminals, to which household wiring is connected.

panel doorA door with a frame of horizontal rails and vertical stiles that surround raised or recessed panels-a type of construction that allows a door to expand and contract with changes in moisture and weather without cracking or warping.

panelingStrips of wood or wood-like material applied as a finish to a wall.

pargetA coating applied to a foundation wall to prevent water leakage.

parking stripThe strip of grass between the sidewalk and the street in front of a house.

particleboardA board composed of wood chips glued together under pressure. It is similar to chipboard, but has a higher density.

partitionAny kind of structure dividing one room or space from another.

partnershipUnmarried individuals who buy a piece of property have several options, such as a live-in partnership (in which both buyers share the residence) or a shared-equity partnership (one buyer lives in the home and the other is an investor in the property).

pest-control inspectionA common pest-control inspection is a termite inspection which is required in some states such as California.

photoelectric switchA switch that turns lights or other electrical devices on or off depending upon the light. An example of a photoelectric switch is a switch that turns on outdoor lights at dusk.

pierA rectangular masonry support column.

pigtailA short wire connected to another wire usually with a wire nut. Normally two or more pigtails are connected to a single wire for the purpose of making connections to multiple objects (two sockets, two switches, etc.).

pigtail cordA short electrical cord with an integral plug, designed to be attached to an appliance.

pilastersDecorative vertical columns attached to the wall or frame at each side of a doorway.

pitchThe slope of a roof. Pitch is the ratio of vertical rise to horizontal run.

PITI (principal, interest, taxes, and insurance)A payment amount calculated by the lender to include the principal, interest, taxes, and insurance on an amortizing loan. The figure is designed to represent the borrower’s actual monthly mortgage-related expenses.

pivot rodOn a sink or tub pop-up assembly, a rod that runs through a rubber pivot ball and that slopes slightly uphill to the tailpiece of the stopper. Pushing the knob and the lift rod down causes the pivot rod to push the stopper up; pulling the knob causes the pivot rod to pull the stopper down.

planeA woodworker’s tool designed for shaving off small amounts of wood. Several different types are available. The longer the plane, the more evenly it will flatten a surface.

planned communityA concept dating back to the 19th century that describes any town or neighborhood built with certain guidelines or goals in mind.

planned unit development (PUD)A highly designed residential project that features relatively dense clusters of houses, which are usually surrounded by areas of commonly owned open space maintained by a nonprofit community association.

plenumHeat distribution box on a furnace or central air-handling unit. The ductwork that delivers heated or cooled air to the home connects to this.

PMI (private mortgage insurance)A form of insurance required by a lender when the borrower’s down payment or home equity percentage is less than 20 percent of the home value.This insurance partially protects the lender if the borrower defaults on the loan.

pocket doorA type of interior door that slides into a pocket in a wall.

pocket doorA sliding door that recesses into the wall when opened.

pointAn amount equal to 1 percent of the loan amount. Points may be paid by the borrower at the time
the loan is made to get a lower interest rate. Lenders offer various rate/point combinations.

porchA structure that can be a simple covered entrance to a home or a fully enclosed room on the outside of a residence.

portfolio lenderA lender that makes loans with its own funds and keeps the loans on the company’s books-in other words, inside the institution’s portfolio-rather than selling loans on the secondary market.

porticoA porch supported by a row of columns.

possessionA buyer officially takes possession of a house upon signing the closing papers and receiving the keys.

power of attorneyA document that authorizes an individual to act on behalf of someone else.

pre-approvalA thorough assessment made by a lender of a potential borrower’s ability to pay for a home, and a confirmation of the amount to be borrowed. The completion of a loan application is necessary to close the loan.

prequalificationA lender’s preliminary assessment of a buyer’s ability to pay for a home, and an estimate of how much the buyer may borrow.

pressure relief valveA safety vent that relieves excess pressure in a water
heater.

price rangeThe upper and lower limit of what a buyer is willing to pay for a home.

prime lending rateThe minimum short-term interest rate charged by commercial banks to their most creditworthy clients. Home loan rates typically are several points above the prime rate, which is also used as the basis for mortgages, business loans, and personal loans.

primerThe initial coat of paint or sealant applied to a surface to prepare it for painting.

principalThe amount of money originally borrowed in a mortgage, minus any payments made subsequently.

principal and interestPrincipal (the capital sum) and interest on the principal are combined in the mortgage payment to result in full repayment at the end of the loan’s term (except in the case of balloon loans).

principal paid over life of loanThe sum of scheduled principal payments are calculated by the lender to equal the face amount of the loan.

principal, interest, taxes, and insurance(PITI)A payment amount calculated by thelender to include the principal, interest, taxes, and insurance on an amortizing loan. The figure is designed to represent the borrower’s actual monthly mortgage-related expenses.

principle of conformityThe idea that a house will more likely appreciate in value if its size, age, condition, and style are similar to (or conform to) other houses in the neighborhood.

principle of progressionAn appraisal term which states that real estate of lower value is enhanced by the proximity of higher-end properties.

principle of regressionAn appraisal term which states that the value of higher-end real estate can be brought down by the proximity of lower-end properties.

privacy fenceA structure erected between two pieces of property.

private mortgage insurance (PMI)A form of insurance required by a lender when the borrower’s down payment or home equity percentage is less than 20 percent of the home value.This insurance partially protects the lender if the borrower defaults on the loan.

probateThe process of establishing the validity of a will before a duly authorized court or person. Once validity is confirmed, the probate court then administers the sale of property as directed by the will or as authorized by the court to settle any financial obligations.

processing feeA fee charged by some lenders for gathering information necessary to process the loan.

procuring causeLegal term used to determine whether a broker is entitled to a commission.

programmingA written summation by an architect of a project’s design objectives, constraints, and criteria.

project budgetA fiscal outline that includes the construction budget and all costs for land,furniture, equipment, financing, professional services, contingencies, and owner-furnished goods and services.

property lineThe official dividing line between properties.

property reportA disclosure filed with the state when a time-share project or subdivision is sold.

property taxTax paid on privately owned property. Property taxes are usually paid semiannually, or monthly if the lender requires. The amount is based on local tax rates and
assessed property value.

property tax deductionThe U.S. tax code allows homeowners to deduct the amount they have paid in property taxes.

property valueThe value of a piece of property, based on the price a buyer will pay at a given time.

prorateTo allocate percentages of certain expenses to be paid by the buyer and seller at the time of closing.

PUD (planned unit development)A highly designed residential project that features relatively dense clusters of houses, which are usually surrounded by areas of commonly owned open space maintained by a nonprofit community association.

punch listA list compiled by a buyer prior to a sale detailing items to be fixed before closing.

purchase agreementA document that details the purchase price and conditions of the transaction.

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Client Reviews

We had the privilege and blessing to have Rochelle help us purchase our first home! We could not have asked for a better realtor. She was flexible with our hectic schedule, and informative about all the properties. As an agent she respected our price point, needs and wants in our home. Rochelle helped us to understand the home buying process and made what could have been a scary and stressful process
easy and fun! Rochelle always goes above and beyond to help her clients; we would highly recommend Rochelle to help you purchase your next home.

Cody and Savannah Buckner

Rochelle has been a delight to work with on the listing of my multi-million-dollar home. With her past experience she has brought innovative marketing concepts to the table not seen before in the Billings market. She applies those, as well as her keen professionalism, attention to detail, and no excuses attitude to working with her clients. I highly recommend her.

Fran Oakland

Thanks so much for all your patience and enthusiasm in dealing with the purchase of our new home in Billings. It’s not easy to do business as an out-of-state buyer and you were so supportive and made sure that we were fully aware of the steps involved in the transaction. You were definitely in our corner throughout the whole process and we felt that we could rely on you at all times to do exactly what we asked of you. We feel as though you became part of the family! We are looking forward to our move and to seeing you again soon.

K.S

Rochelle guided us through a difficult out of state transaction with enthusiasm and professionalism. She was thorough, kept us informed at all times and we felt she was eager to do exactly what we wanted. She was patient with all the email transactions and was willing to go the extra mile to accomplish our objectives. We felt as though she was part of the family by the time we were done!

S. L

Thank you Rochelle and Nels for superb service! Our previous realtor passed away. I didn’t think anyone could live up to his great service. Rochelle and Nels introduced me to the future through their listing of our home. They got our home on the market in record time to catch an important holiday weekend.I knew from the beginning we made the right choice. Nels drone photos, videos and virtual walk through were absolutely amazing! If I had any concern, Rochelle not only gave great insight but it was clear she had done extensive research, knowing all the community stats, trends and numbers to back up her position. Everything from their website, social media blitz, keeping us informed on interested buyers, signage, small unique touches, interaction with realtors and offers were second to none! We had three offers in little more than a month! We couldn’t have been happier. Thank you Rochelle and Nels!